News
Government cut costs for hiring young Apprentices
Published: 27th of November 2024
Next April, businesses will see a significant reduction in National Insurance contributions associated with hiring Apprentices under the age of 25.
Many are expecting the government announcement to encourage organisations, to invest in young talent through Apprenticeships.
The government is committed to creating a skilled workforce for the future and the changes to National Insurance changes will make it more affordable for businesses to hire Apprentices. Helping young people get the skills and experience they need to succeed.
One of the changes that you need to be aware of is a reduction in the Secondary Threshold, which in simple terms is the point at which employers start paying National Insurance contributions on their employees earnings. The threshold will be reduced from £9,880 to £5,000 per year.
This means businesses will not have to pay National Insurance on the first £5,000 of their employees’ earnings, resulting in significant savings for businesses hiring Apprentice who typically earn below this threshold.
The government is also increasing the Employment Allowance, which is a tax relief to reduce the amount of National Insurance that businesses need to pay. This will increase from £5,000 to £10,500 per year.
If you want to hire an Apprentice but want to learn more about National Insurance contributions, make sure to contact our team of experts who can support you every step of the way by clicking here.
Information sourced from:
News
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